John Laing Environmental Assets Grp Net Asset Value and Dividend (5459U)
19 January 2017 - 6:00PM
UK Regulatory
TIDMJLEN
RNS Number : 5459U
John Laing Environmental Assets Grp
19 January 2017
19 January 2017
JOHN LAING ENVIRONMENTAL ASSETS GROUP LIMITED
("JLEN" or the "Company")
Net Asset Value and Dividend announcement
JLEN, the listed environmental infrastructure fund, announces
its unaudited Net Asset Value ("NAV") as at 31 December 2016 and
interim dividend for the quarter ended on that date.
The Company's unaudited NAV as at 31 December 2016 was GBP284.6
million or 100.0 pence per share, compared to GBP271.6 million or
98.3 pence per share as at 30 September 2016.The portfolio
valuation at 31 December 2016 was GBP325.4 million.
Short term electricity prices and forecasts for longer term
prices from an established market consultant increased over the
December quarter leading to an improvement in the portfolio
valuation of the renewable energy assets. Discount rates remain
unchanged from the half year portfolio valuation as at 30 September
2016 for all assets.
The operational and financial performance of the Company's waste
management and waste water treatment facilities were broadly
in-line with budget and the solar portfolio also generated returns
in-line with budget.
The quarter to 31 December 2016 saw particularly low and
unseasonal wind speeds across the UK leading to generation at the
Company's wind assets being some 25% below expectations, following
the on-budget performance in the half year to 30 September 2016.
The net impact on projected distributions from the wind portfolio
has been fully reflected in the NAV at 31 December 2016 and
represents a reduction in NAV of 0.4 pence per share at that date.
However, despite this variability in wind generation, the Company
delivered solid NAV growth over the period reflecting an
improvement in electricity price forecasts. The Board believes that
this demonstrates the benefits of JLEN's diversified approach with
waste and solar providing a balance of returns despite the
challenging period for wind.
The Company also announces a quarterly interim dividend of 1.535
pence per share for the period from 1 October 2016 to 31 December
2016, in line with the dividend target set out in the 2016 Annual
Report.
Dividend Timetable
Ex-dividend date 26 January 2017
Record date 27 January 2017
Payment date 23 February 2017
This announcement contains information that is inside
information for the purposes of the Market Abuse Regulation (EU)
No. 596/2014.
For further details contact:
John Laing Capital Management Limited 020 7901 3559
David Hardy
Chris Tanner
Winterflood Investment Trusts 020 3100 0000
Neil Langford
Chris Mills
About JLEN
JLEN's investment policy is to invest in environmental
infrastructure projects that have the benefit of long-term,
predictable, wholly or partially inflation-linked cash flows
supported by long-term contracts or stable regulatory
frameworks.
Environmental Infrastructure is defined by the Company as
infrastructure projects that utilise natural or waste resources or
support more environmentally-friendly approaches to economic
activity. This could involve the generation of renewable energy
(including solar, wind, hydropower and biomass technologies), the
supply and treatment of water, the treatment and processing of
waste, and projects that promote energy efficiency.
JLEN aims to provide investors with an annual dividend per
share, initially of 6.0 pence, that increases progressively in line
with inflation from 1 April 2015. The target dividend for the year
to 31 March 2017 is 6.14 pence per share being the initial target
of 6.0 pence per share adjusted for inflation.
Further details of the Company can be found on its website
www.jlen.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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